New Car Sales Down Across Globe
Major falls reported on both sides of the Atlantic
New car sales in countries all over the world are continuing to fall in the midst of the economic slowdown. Four European countries released figures yesterday detailing sharp declines in new car sales figures in October.
Top of the list was Spain, suffering a drop of 40% on the same month last year. Close behind came Italy, reporting an 18.9% drop. France felt less of a sting, however a 7.3% drop is still significant and includes larger relative slumps in sales of home-grown manufacturers such as Peugeot (down 8.6%) and Renault (down 12.6%). Belgium also reported a 6.8% decrease in sales.
Meanwhile over in the US, all of the 'big 3' manufacturers are feeling the pinch. Ford reported drops of close to 35% compared with the same period last year, with GM close behind on 32% and Chrysler sales 31% down. This comes despite desperate attempts from the US auto industry to raise sales by offering tempting 0% finance packages, even in these times when credit is getting harder to come by.
UK figures for October have not yet been fully released, but are expected to follow the pattern seen in September, when new car registrations fell by 21% to a slim 330,295 units.
'Government action is now needed to restore consumer confidence and boost demand in the real economy,' said Paul Everitt, chief executive of the British Society of Motor Manufacturers and Traders. Most analysts predict that 2009 spells an even tougher year for motor manufacturers as the global economy continues to grind to a halt.
If we are honest these headlines should have happened 3 years ago, just dealers artificaly seeding the market with their stupid pre-regs all flooding the market
Comparing sales figures in '08 to previous years is like comparing apples with conkers.
Given that a high proportion of new car sales are financed with some form of credit, small wonder that they're in decline. The market needs to re-value itself and for once, that means that those who have cash to buy can pick up a relative 'bargain'.
Hopefully, the longer term reality will mean somewhat more affordable cars in the UK.
However, the choice is likely to be made up of lots of small/mid (read A,B and small C segment) cars all shouting about how green/economical they are to run.
Ironic that oil is now trading at $56 a barrel - same as it was 20 months ago!!!
Maybe the government is more worried about their showroom taxes?
The investors from Sept 11 moved their cash to Dubai as far as I was aware, which seems to be doing just swimmingly. wker bankers playing Bond in their casino (which is now tax payers money) went and pissed it up the wall - tremendous...
As mentioned above, some good deals to be made if you can afford a new car outright.
The investors from Sept 11 moved their cash to Dubai as far as I was aware, which seems to be doing just swimmingly. wker bankers playing Bond in their casino (which is now tax payers money) went and pissed it up the wall - tremendous...
As mentioned above, some good deals to be made if you can afford a new car outright.
I would quite happily buy a car, not a new one though, 'nearly new' but like people have been saying the trade-in value i would get for my car just does'nt make it worth while! So i will be keeping hold of mine ta.
Maybe, if cars wernt so bloody expensive in britain (compared with most of the other countrys) we would all be more happy to be buying cars.
The investors from Sept 11 moved their cash to Dubai as far as I was aware, which seems to be doing just swimmingly. wker bankers playing Bond in their casino (which is now tax payers money) went and pissed it up the wall - tremendous...
As mentioned above, some good deals to be made if you can afford a new car outright.
I would quite happily buy a car, not a new one though, 'nearly new' but like people have been saying the trade-in value i would get for my car just does'nt make it worth while! So i will be keeping hold of mine ta.
Maybe, if cars wernt so bloody expensive in britain (compared with most of the other countrys) we would all be more happy to be buying cars.
The investors from Sept 11 moved their cash to Dubai as far as I was aware, which seems to be doing just swimmingly. wker bankers playing Bond in their casino (which is now tax payers money) went and pissed it up the wall - tremendous...
As mentioned above, some good deals to be made if you can afford a new car outright.
I do not work for a Bank but even I understand that it's not down to just Banker's, I think you find the majority of problem's have been caused by lack of investment over a prolonged period of time buy in fact the very government who run this country, fun manager's short selling, problem's with American's investing their mortgages on the stock market (Sub-prime). And although I can't believe it's happened again people borrowing more than they can afford.
Here we go again with the government's borrowing money to cover spending,
Wake up!
Boggy
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